An “exponential” rise in export sales, high prices and improved health among its farmed fish stock have seen first half revenue and profits soar at the Scottish Salmon Company (SSC).
SSC, which employs more than 450 people and operates around 60 sites in the Hebrides and on the west coast, said its turnover for the first six months of this year was 25% up on the same period in 2016 at a “record” £72million.
First half pre-tax profits at the Edinburgh-based firm increased by almost £10million to £30.4million year-on-year.
The results were achieved despite a drop in the volume of the salmon produced from 13,123 tonnes last year to 11,617 tonnes in 2017. The firm said the decline was due to harvests being brought forward in the second half of 2016, reducing available stock
Exports have accounted for 52% of SSC’s sales this year, compared to 42% in the first half of 2016.
Trade with North America quadrupled over the period and entering new markets in the Far East contributed to a seven-fold increase in sales to the rest of the world. SSC chief executive Craig Anderson said: “Demand for premium quality Scottish salmon across the globe has never been higher and we have maximised the opportunities this provides, evidenced by a record half year performance.
“Export sales have risen exponentially in key territories like Japan, where we have just exhibited at the Seafood Expo. The response to our products has been overwhelmingly positive, particularly our unique Native Hebridean Salmon which has such a strong provenance story.”
The firm said the introduction of a hydrolicer and increased use of “cleaner fish” species had seen health problems in its stock “improve significantly”.